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Operating Leases | 3 Months Ended
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Mar. 31, 2025
Leases [Abstract] |
Operating Leases | Operating Leases The Company maintains an operating lease for its corporate headquarters in Newport Beach, California. On October 16, 2024, the Company entered into an amendment to lease additional office space for its corporate headquarters. The lease is expected to commence on or around the second half of 2025 and is set to expire January 31, 2030. Fixed cash payments under this amendment are estimated to be $1,876 over the term of the lease. The Company expects to account for this lease an operating lease. The Company’s lease agreement does not contain any residual value guarantees or material restrictive covenants. The payments associated with the renewal will only be included in the measurement of the lease liability and ROU assets if the exercise of the renewal option is determined to be reasonably certain. The Company considers the timing of the renewal period and other economic factors such as the financial implications of a decision to extend or not to extend a lease in determining if the renewal option is reasonably certain to be exercised. The components of operating lease expense are as follows:
| Three Months Ended March 31,
| 2025 |  | 2024 |  |
Fixed operating lease expense | $ | 471 |  |  | $ | 328 |  |  |
Variable operating lease expense | 49 |  |  | 35 |  |  |
| $ | 520 |  |  | $ | 363 |  |  |
The weighted-average remaining lease term and discount rate are as follows:
| As of March 31,
| 2025 |  | 2024 |  |
Weighted-average remaining lease term (years) | 4.8 |  | 5.8 |  |
Weighted-average discount rate | 9.7 | % |  | 11.0 | % |  |
Cash paid for amounts included in the measurement of lease liabilities | $ | 281 |  | $ | 341 |  |
Operating lease expenses were included in the selling, general and administrative expenses in the accompanying condensed consolidated statements of operations and comprehensive loss. Operating lease right-of-use assets and related current and noncurrent operating lease liabilities are presented in the accompanying condensed consolidated balance sheets. The following table presents the future minimum payments under the operating lease agreements with non-cancelable terms as of March 31, 2025:
Fiscal year |
Remaining in 2025 | $ | 1,436 |
2026 | 2,138 |
2027 | 2,212 |
2028 | 2,290 |
2029 | 2,370 |
Thereafter | 198 |
Total operating lease payments | 10,644 |
Less: imputed interest | (2,250) |
Present value of operating lease liabilities | $ | 8,394 |

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/842-20/tableOfContent + Details
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